What is a Sellers market in Calgary

A few things thrown around in the media is the term 'sellers market'. What does this really entail. Back in 2006/2007 this meant that yes, we were seeing properties get 15 and 20 offers under 400k and properties were selling for 20 and 30k above list price. Usually because sellers were intentionally listing the property sub market value. A sellers market means a few different things, yes they will get the highest price that the market will dictate. ie) a Brownstone condo normally selling at 650-675k will get top price, typically. But it doesn't necessarily mean that the seller can dictate the price whereever they want. The market and buyers will usually understand the pricing, if the price is as little as 5% out, then most buyers say, i don't see the value...and refuse to participate. The sellers market usually means that supply is low and demand is high, according to my economics professor back in University. Right now we are in a Sellers market, and it definitely leans to sellers because we only have 2700 listings on the market. Sellers are digging in on prices, but if you've been on the market for a few weeks and nothing has happened ,ie ) suitcase of cash, then the market isn't supporting you. For more insight into specific situations please feel free to drop me a line...